Carolina Farm Credit and AgSouth Farm Credit have jointly announced their intention to pursue a merger. Under the terms of the Letter of Intent (LOI), which was unanimously approved by the Boards of Directors of both Associations, the combined entity would form the largest Ag lending cooperative in the Southeast. Based on the two Associations’ current portfolios, the merged entity would begin with over $4.2 billion in gross loan volume serving more than 24,800 stockholders with more than 475 employees.
The two Associations would operate as AgSouth Farm Credit, ACA. The combined Agricultural Credit Association would serve 147 counties in North Carolina, South Carolina and Georgia. The headquarters would be located in Statesville, North Carolina.
Vickie Smitherman, Chair of the Carolina Farm Credit Board, says “Both Associations share a similar culture and values that focus on supporting and promoting our members and employees. With ever evolving markets within agriculture and rural America, this merger will ensure our ability to continue to meet our mission to support the needs of farmers and the rural communities we serve.”